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mars1129 [50]
3 years ago
12

The Harris Company purchased equipment for $15,000 on December 1. It is estimated that annual depreciation on the computer will

be $3,000. If financial statements are to be prepared on December 31, the company should make the following adjusting entry
Business
1 answer:
kvv77 [185]3 years ago
7 0

The entry will include Depreciation Expenses for $1,750 and Accumulated Depreciation for $1,750

Here, we are to first calculate the Depreciation expenses while observing that the date runs for 1 month (From December 2 - December 31).

The depreciation expense will equals Annual depreciation of computer * 1/12

Depreciation expense = $3,000 * 1/12

Depreciation expense = $250

The adjusting entry will entails:

Date     Account titles and explanation            Debit     Credit

31 Dec   Depreciation expenses                         $250

                    Accumulated depreciation                            $250

            (Entry to record depreciation expenses)

Learn more about from related question here

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I hope I was able to answer your question. Thank you and have a good day.
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